DETROIT– Following more than 300 submissions, the Accelerate Michigan Innovation Competition announced this year’s international business semifinalists.

The Accelerate Michigan Innovation Competition, the largest business plan competition in North America, is an international business contests designed to bring together later stage entrepreneurs and Michigan collegiate students with local, national and international investors.

After an intense review process by the judge’s panel, 53 semifinalists have been selected to compete for more than $1 million in cash and prizes. Business worldwide from as far as Canada, the United Kingdom and throughout the United States, submitted post-patent ideas for this year’s contest.

Under the competition’s eligibility requirements, business ideas were to be filed under one the following categories: IT, alternative energy, advanced materials, next-generation manufacturing, life sciences, medical devices, advanced transportation and products and services.

The competition is focused on two tracks: International and U.S. businesses relocating to Michigan and Michigan collegiate students.

Students with creative and innovative ideas currently enrolled in undergraduate or graduate programs in a Michigan public or private university or college for the fall 2012 semester are invited to apply. There’s a Sept. 27 deadline for student entrepreneurs.

Semi-final investor pitches will begin Nov. 14 at the Westin Book Cadillac in downtown Detroit.

The competition finals and gala awards celebration will be held the evening of Nov. 15 at Detroit’s historic Orchestra Hall, where Accelerate Michigan and its partners will award more than $1 million in cash prizes, along with millions more of in-kind awards to those businesses showing the most promise

This year’s judging panel will include experts from Michigan-based investment firms, companies and universities, as well as national and regional investors and venture capitalists. In addition to prizes, competition participants will have access to Michigan’s entrepreneurial eco-system, including wet labs, incubators and top talent from some of the world’s leading research universities.

The Accelerate Michigan Innovation Competition is a collaborative effort of the Business Accelerator Network for Southeast Michigan, the New Economy Initiative of Southeast Michigan and Accelerate Michigan.

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